CONTROL SHARE ACQUISITIONS
Revision Note
Sections 415-171 and 172 renumbered from chapter 416. L 1985, c 32, §5.
§415-171 Definitions. As used in this part, unless the context otherwise requires:
"Acquiring person" means a person who is required to deliver an information statement under this part.
"Beneficial ownership" shall be determined pursuant to section 13 of the federal Securities Exchange Act of 1934 and the rules promulgated thereunder, as amended.
"Control share acquisition" means an acquisition of shares of an issuing public corporation resulting in beneficial ownership by an acquiring person of a new range of voting power specified in this part, but does not include an acquisition:
(1) Before, or pursuant to an agreement entered into before the effective date of this part;
(2) By a donee pursuant to an inter vivos gift not made to avoid this part or by a distributee as defined in chapter 560;
(3) Pursuant to a security agreement not created to avoid this part;
(4) Under chapter 417E, if the issuing public corporation is a party to the transaction; or
(5) From the issuing public corporation.
"Issuing public corporation" means a corporation incorporated in this State with at least one hundred shareholders and having its principal place of business or substantial assets located in this State. [L 1985, c 32, pt of §3; am L 1987, c 135, §105]